Greenlane Announces Board’s Approval of Reverse Stock Split Ratio

Greenlane Holdings, Inc. (NASDAQ:GNLN), a global seller of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, has announced a one-for-11 reverse stock split of its Class A common stock. The reverse split will become effective on August 5, 2024, before the opening of trading on Nasdaq, where the stock will continue to trade under the existing symbol "GNLN."

This reverse split aims to meet the minimum bid price requirement for maintaining Greenlane's listing on Nasdaq. At a special meeting on July 29, 2024, stockholders approved the proposal, authorizing the board of directors to effect the reverse split. The board chose the one-for-11 ratio, and the necessary amendment has been filed with the State of Delaware.

The reverse split will uniformly affect all issued and outstanding shares of Class A common stock, including adjustments to options, restricted stock awards, and warrants. The total number of Class A shares will reduce from 5.8 million to approximately 0.5 million, without altering the percentage interest of any stockholder. Fractional shares will be rounded up to the nearest whole number.

The par value of the stock remains at $0.01 per share, and the authorized number of Class A or preferred shares will not change. Greenlane expects smooth trading on a post-reverse split basis starting August 5, 2024.